Prime Brokerage FalconX Partnership to Offer Derivatives via an Australian Crypto Provider
MHC Digital Group, licensed in Australia, has partnered with FalconX, a cryptocurrency prime broker, to offer digital asset derivatives to the Australian wholesale market. Through the agreement, MHC Markets, the company’s trading platform, will launch “a comprehensive suite of digital asset derivatives, options, and structured products,” as announced today (Monday).
Aiming for Australian Institutions
Mark Carnegie, an Australian venture capitalist and Executive Chairman, formed MHC Digital Group, which operates under an Australian Financial Services (AFS) license. The company’s headquarters are in Australia, and it was founded in 2020. Launched in Q4 2024, the MHC Markets subsidiary specializes in providing cryptocurrency trading and liquidity.
Intraco Singapore purchased MHC Digital Finance, a division of MHC Digital Group, in February 2022. This acquisition was later cancelled, though.
As stated by FalconX’s General Manager, APAC and Middle East, Matt Long, “partnering with MHC, with its deep understanding of Australian investors and proven track record in digital assets, is a significant milestone in FalconX’s expansion across APAC.”
“MHC will be able to offer a broad range of digital asset products to Australian wholesale investors within Australia’s sophisticated capital markets thanks to our innovative approach and market expertise, as well as our derivatives capabilities.”Prime Brokerage FalconX Partnership
Rising Demand for Crypto Prime Brokers
FalconX is among the leading suppliers of cryptocurrency prime brokerages. When it secured $150 million in 2022 from investors like Tiger Global, GIC, and B Capital, its market value was $8 billion. Since its founding in 2018, the business has raised $430 million in several fundraising rounds. It opened a dedicated forex desk with access to 20 FX pairings in London.
FalconX purchased Arbelos Markets, a 2023-founded firm focused on cryptocurrency derivatives, earlier this year. Ripple just paid $1.25 billion to acquire another cryptocurrency prime broker, Hidden Road.
The collaboration between MHC and FalconX coincides with an increase in the demand for cryptocurrencies in Australia. The introduction of Bitcoin futures investments by AMP Capital in late 2024 further demonstrates the institutional interest in the asset class.
Edward Carroll, Head of MHC Markets, stated, “Our combined experience creates a powerful offering for Australian wholesale investors who have a proven history of using derivatives in traditional asset classes.”
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